When should you amend your tax return?
For many taxpayers there is minimal information necessary to file their income taxes. Other taxpayers have multiple sources of income that must be reported, as well as various deductions and credits that must be considered. Regardless of which category you fall into there is a chance that something could have been forgotten or left out, that needed to be included. There could have been information that is required to be [...]
Do I still need to bring my expenses to my tax appointment?
We have been getting this question a bit this year already and we would love to help clarify – at least in part. If I can separate ‘expenses’ into three main categories I can address each of them in a simpler manner. Personal expenses – which are things like mortgage interest for your home, donations to charity, or perhaps some additional sales tax (like a new vehicle purchase). Personal [...]
Is my student loan deductible?
With secondary education costs on the rise, millions of taxpayers pay substantial amounts of interest on their student loan debt every year. 70% of U.S. college students use loans to pay for their education. The average student’s loan amounts to $37,000. Although the 2017 Tax Cuts and Jobs Act limited many deductions, taxpayers with qualified student loan payments can deduct up to $2,500 of interest paid per tax return. If [...]
How Long Can the IRS Audit Me?
In most cases, the statute of limitations grants the IRS a period of up to three years in which to initiate an audit of a taxpayer. The three-year clock begins counting down from the latter of the following dates: The date on which the return was originally due.In most cases, this is April 15. The date on which the return was originally filed.If the taxpayer obtained a filing extension, which may [...]